You want to pay your mortgage faster, but there is only so much money in your budget. Here are some easy ways to find a little extra cash that will add up to a big difference.
Some strategies to find extra cash:
Earn Profit Share dividends on your mortgage and your other Servus banking. Use the money to pay down your mortgage faster.
Put some or all of the extra money you get from a raise or cost of living increase toward your regular mortgage payment.
Invest in your RRSP and use your tax refund to make a lump-sum payment on your mortgage.
Round up your mortgage payment amount up when you first set your mortgage term. For example, if your bi-weekly payment is $520.67 round it up to an even $525 or $550. You probably won’t notice the difference.
Don’t reduce your payment, even if the interest rates go down. That extra money will be applied to your principal.